The aperture stop should be located at the geometric entrance pupil of a lens in order to minimise the effect of vignetting across the field of view. This point is also known as the lens vertex. For taking a panorama, the lens should be rotated around this point in order to have no parallax mis-matches across adjoining frames.
If you put an aperture stop in front of a lens which may already has an internal aperture stop, there are several results:
a) you will introduce vignetting (ie dark corners). To minimise this the aperture should be as close as possible to the lens.
b) it will alter the appearance of off-axis images of point sources (ie stars) if the lens has small amounts of spherical aberration or coma.
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